Gold loses safe-haven shine amid escalating war

KARACHI: Often dubbed a safe haven in times of global crises, local gold prices for 10 grams and one tola have dropped to Rs428,208 and Rs499,462, respectively, down by Rs20,833 and Rs24,300, following a steep decline of $243 to $4,767 per ounce on international markets amid the escalating war in the Middle East.

On Feb 28, when an illegal attack was launched by the US and Israel on Iran, the rates for 10 grams and one tola stood at Rs472,018 and Rs550,562, based on a global gold price of $5,278 per ounce.

On Jan 29, 2026, Pakistan witnessed its highest-ever gold rates, with 10 grams priced at Rs491,135 and one tola at Rs572,862, as the global gold price reached $5,505 per ounce.

“History shows that the precious metal has often lost its luster when intense conflicts escalate into full-scale wars among countries,” said Qasim Shikarpuri, president of the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), while speaking to Dawn on Thursday.

Prices slip below Rs500,000 per tola

Prices slip below Rs500,000 per tola

He said gold prices would plunge further if the........

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